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"What sets Inquiry Financial apart is that it digs deep into sell-side analyst research reports to produce earnings estimates that are more detailed than traditional consensus estimates. Inquiry Financial's comprehensive data helps financial professionals as well as investor relations experts keep their fingers on the pulse of the market and make more informed projections about a company's future performance,"
Kunal Kapoor, president of Morningstar's Data division, said. "We see this as a strong complement to Morningstar's earnings estimate business. Our investment in Inquiry Financial will allow us to expand both the depth and breadth of our global earnings estimate data coverage."

"We share a common goal with Morningstar, which is to provide high-quality, comprehensive investment information to the market,"
Stefan Hultin, CEO and co-founder of Inquiry Financial, said. "We are pleased that Morningstar has taken an equity stake in our company. It is a testament to the quality of work we deliver and we look forward to leveraging Morningstar's expertise in data collection, aggregation, and distribution to help us continue to grow our business. Morningstar also has strong relationships with money managers and buy-side analysts that will help us broaden our reach in those markets."

Morningstar provides consensus earnings estimates on more than 16,000 different share classes from more than 70 different exchange countries. Over time, Morningstar plans to make Inquiry Financial's detailed earnings estimate data available across its major product lines, including Morningstar.com, Morningstar Direct
SM, and Morningstar Data.

About Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in
North America,
Europe,
Australia, and
Asia. The company offers an extensive line of products and services for individuals, financial advisors, and institutions. Morningstar provides data on more than 385,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 8 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its registered investment advisor subsidiaries and has more than
$186 billion in assets under advisement and management as of
June 30, 2012. The company has operations in 27 countries.

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